Confirming earlier rumors, Sony and Panasonic announced a partnership aimed at developing and mass producting OLED panels for large TVs and displays.

The companies claim they will develop OLED panels from own technologies, which should result in lower production costs. This would in turn make the panels more affordable for vendors interested in using them in future products.

It's well worth noting that the companies haven't had the best of times as of late. Indeed, Sony has confirmed plans to lay off 10,000 workers while Panasonic is planning on releasing half the staff at its HQ.

With many industry experts believing that OLED TVs are the future, Sony and Panasonic seem to have picked a wise way forward. Seeing as how the main downside to the current crop of OLED TVs is the prohibitively high price, perhaps the companies could even do something about it when they start mass production sometime next year.